TCRLA_Public/150714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

            Tuesday, July 14, 2015, Vol. 16, No. 137


A N T I G U A  &  B A R B U D A

ABIB: PM Says Hotel Workers Thrift Fund Safe at Bank


BANCO HIPOTECARIO: Moody's Rates $250M Series 5 Debt Issuance Caa1
BANCO HIPOTECARIO: Moody's Assigns Caa1 GL Currency Deposit Rating
MENDOZA: S&P Affirms 'CCC-' Currency Ratings; Outlook Remains Neg.

C A Y M A N  I S L A N D S

BHUTAN INVESTMENTS: Creditors' Proofs of Debt Due Aug. 7
CALIBRE FUND: Creditors & Contributories to Meet on July 23
DENJOY INTEGRAL: Creditors' Proofs of Debt Due July 28
DENJOY MASTER: Creditors' Proofs of Debt Due July 28
FAR EASTRON: Creditors' Proofs of Debt Due Aug. 4

GOLDMAN SACHS COLUMBUS: Commences Liquidation Proceedings
JASPER (CAYMAN): Shareholder to Hear Wind-Up Report on July 24
QS SINGLE: Shareholders' Final Meeting Set for July 17
TIGER CONSUMER: Placed Under Voluntary Wind-Up
YANGTZE SOLAR: Shareholders' Final Meeting Set for July 14


HAITI: IDB Provides $15 Million Grant for Artisan Fishing Project


PETROLEOS MEXICANOS: Pulls Out of 1st Phase of Round 1 Oil Auction
OAXACA: Moody's Changes Outlook to Neg. & Affirms Ba2 Rating


CORPORACION AZUCARERA: Fitch Affirms 'BB' Issuer Default Rating

P U E R T O    R I C O

BTB CORPORATION: Bankruptcy Filing Stays Rodriguez Suit
BTB CORPORATION: Files Schedules of Assets and Liabilities
HORIZON LINES: Pioneer Global No Longer Owns Class A Shares
LAS AMERICAS: Plan Filing Date Extended
OFG BANCORP: S&P Cuts Issuer Credit Rating to B; Outlook Negative

PUERTO RICO: 1st Cir. Invalidates Debt Enforcement & Recovery Act


SURINAME: Signs Deal With CDB to Reduce Trade Licenses Wait


* VENEZUELA: To Stop Buying Rice from Guyana Amid Dispute


* Large Companies With Insolvent Balance Sheets

                            - - - - -

A N T I G U A  &  B A R B U D A

ABIB: PM Says Hotel Workers Thrift Fund Safe at Bank
The Daily Observer reports that Antigua and Barbuda Prime Minister
is assuring hospitality industry workers who have their thrift
funds saved at the financially challenged Antigua & Barbuda
Investment Bank (ABIB) that their funds are safe.

Word from Prime Minister Gaston Browne came through his Chief of
Staff Lionel Max Hurst who said the PM believes the ABI Bank issue
"will be settled within months," according to The Daily Observer.

Mr. Browne was responding to claims from the Deputy General
Secretary of the Antigua and Barbuda Workers Union (ABWU) Chester
Hughes, who told this newspaper that the nation's political leader
failed to respond to an invitation for a consultation to update
workers on the matter of their money  at the bank, the report

"We have left several messages to invite him to the meeting to
address and allay some of the concerns of the workers . . . .
unfortunately he has taken a different position on the matter in
our view and has not communicated back to us," the report quoted
Mr. Hughes as saying.

But Mr. Hurst maintained that no such message was left at the
prime minister's office, the report relates.

The chief of staff said ABIB has been making payments to
individuals who are entitled to get payments, the report notes.

However, Mr. Hughes said while individuals have not had difficulty
accessing their retirement funds so far, the issue is still a
cause for concern given the present financial status of the bank,
which is facing up to a EC$400 million in the hole, the report

Based on reports, the fund has close to EC$8 million belonging to
about 1600 hotel and restaurant workers, the report adds.


BANCO HIPOTECARIO: Moody's Rates $250M Series 5 Debt Issuance Caa1
Moody's Investors Service has assigned foreign currency senior
unsecured debt rating of Caa1 to Banco Hipotecario S.A.'s Series 5
debt issuance for $250 million.


The outlook on the rating is negative, in line with the negative
outlook on Argentina's Caa1 sovereign bond rating, which
constrains the banks' ratings.  The deteriorating operating
environment is negatively affecting the Argentine financial
institutions' business prospects, asset quality and earnings
generation amid a continued economic downturn and high inflation.

The rating was assigned to Banco Hipotecario:

Series 5 debt issuance for $250 million:
   -- Global Foreign Currency Senior Unsecured Debt Rating: Caa1

BANCO HIPOTECARIO: Moody's Assigns Caa1 GL Currency Deposit Rating
Moody's Latin America Agente de Calificacion de Riesgo has
assigned an standalone baseline credit assessment of caa1 to Banco
Hipotecario S.A., a global local currency deposit rating of
Caa1/Not Prime, a foreign currency deposit rating of Caa2/Not
Prime, a national scale local deposit rating of and a
foreign currency  Moody's has also assigned B3(cr)/Not
Prime (cr) long-and short-term global counterparty risk
assessments.  In addition, Moody's has also assigned a national
scale foreign currency debt rating of to the Series 5 debt
issuance for $250 million.

The outlook on the ratings is negative, in line with the negative
outlook on Argentina's Caa1 sovereign bond rating, which
constrains the banks' ratings.  The deteriorating operating
environment is negatively affecting the Argentine financial
institutions' business prospects, asset quality and earnings
generation amid a continued economic downturn and high inflation.

These ratings were assigned to Banco Hipotecario S.A.:

Baseline Credit Assessment: caa1
Adjusted Baseline Credit Assessment: caa1
Global local currency deposit rating: Caa1/Not Prime
National scale local currency deposit rating:
Global foreign currency deposit rating: Caa2/Not Prime
National scale foreign currency deposit rating:
Long- and short-term global counterparty risk assessment:
B3(cr)/Not Prime (cr)
Series 5 debt issuance for $250 million:
National scale foreign currency debt rating:


The Caa1 long-term rating is based on Hipotecario's caa1
standalone baseline credit assessment (BCA).  The standalone
rating takes into account the bank's lending mix and its adequate
capitalization, in the context of high inflation and weak economic
activity in Argentina.  The rating also captures the bank's high
lending appetite and its large exposure to consumer loans, which
now represents roughly 60% of the total lending portfolio.
Hipotecario provides a range of banking services to households in
the form of personal loans, credit cards and mortgages, and to

Over the last three years, the bank has expanded its loan book at
an average annual nominal growth rate of 34%,which is higher than
the system average of 25%.  Hipotecario's asset risk has
deteriorated modestly over this period, with its non-performing
loan ratio reaching 1.9% in 1Q15, up from 1.57% in 2012, mostly
because of relatively rapid nominal loan growth.  High loan growth
has also resulted in reserve coverage declining to a still high
107.3% of its problem loans, from 132% in 2012.  Moody's expects a
rise in delinquencies in the coming quarters as the new consumer
portfolio seasons in a more challenging credit environment,
particularly because growth in riskier asset classes such as
credit cards and personal loans.

Hipotecario's high-yielding loan book generates net interest
margins that have been reasonably steady at 9% over the last three
years.  However, the bank's profitability is weaker than its
system peers', owing to higher funding cost because of a greater
dependence on time deposits.  Its net income is also hurt by weak
operating efficiency, as evidenced in the 78% cost to income
ratio, which is much higher than peers'.  Income from fees is an
important component of Hipotecario's earnings, owing to income
from insurance services and credit card fees.

Capitalization remains adequate to absorb expected losses in an
event of stress and in part reflects regulations preventing banks
from paying large dividends.  The bank's 18.5% ratio of tangible
common equity to risk-weighted assets as of March 2015 allows for
further business expansion.  Hipotecario relies moderately on
market funds, as evidenced in its 16.8% ratio of liquid assets to
tangible banking assets.  A sizable portion of its funding is
sourced from government entities, and despite efforts to diversify
its funding mix, deposit granularity remains modest, as suggested
by its top 10 depositors accounting for 48% of total deposits.

What could move the rating up or down

The ratings have no upward pressure at this time.  The bank could
also face downward rating pressure if its asset quality or
capitalization metrics deteriorate substantially owing to the
current economic slowdown.

Hipotecario is 58.4% owned by Argentina's national government
(Caa1 negative) through Banco de la Nacion Argentina (unrated) and
ANSES (unrated), and 30% owned by Inversiones y Representaciones
S.A. (unrated) (IRSA).  However, IRSA holds 48.4% of the voting
shares and appoints the majority of the board.

Banco Hipotecario's Caa1/Not Prime local currency deposit ratings
are in line with the bank's BCA, in absence of affiliate or
government support.

MENDOZA: S&P Affirms 'CCC-' Currency Ratings; Outlook Remains Neg.
Standard & Poor's Ratings Services affirmed its 'CCC-' foreign and
local currency ratings on the province of Mendoza.  The outlook
remains negative.

Mendoza's rating weaknesses include Argentina's "very volatile and
underfunded" intergovernmental institutional framework; the
province's "very weak" budgetary performance and flexibility,
exacerbated by high inflation and with average expected operating
deficits of close to 1% of operating revenues for the next two
years; and limited room to raise revenues or cut expenditures.
The province's creditworthiness also suffers from a "weak"
economy, with a GDP per capita of about $10,700; "weak" financial
management, which S&P expects to continue to hamper the province's
liquidity and budgetary management despite the change in
administration; and "weak" liquidity with no cash reserves.  On
the other hand, the province's "moderate" debt burden, which S&P
expects to hover just over 30% of operating revenues for the next
two years, and "low" contingent liabilities, particularly compared
with other rated Argentine local and regional governments (LRGs),
support Mendoza's credit quality.

S&P caps its long-term ratings on Mendoza at the same level as the
'CCC-' T&C on Argentina (foreign currency: SD/SD; local currency:
CCC+/Negative/C).  S&P do so to reflect the likelihood that the
sovereign could restrict the domestic entities' access to foreign
currency for their debt service obligations.  In S&P's view, the
province doesn't meet our criteria under which the foreign
currency rating on a LRG could be higher than the T&C assessment.

Due to the cross-default clauses included in some of the
province's debt obligations, S&P don't believe it has sufficient
liquidity to meet all of its foreign and local currency debt
obligations, if a cross-default clause were to be activated amid
stagnant macroeconomic conditions after Argentina's selective
default in 2014.  Therefore, S&P also caps the local currency
rating on the province at 'CCC-'.

Slow economic growth, high inflation, a dual exchange rate, and
uncertainty over medium-term prospects, particularly given the
national elections in October 2015, which further exacerbate
Argentina's "very volatile and underfunded" intergovernmental
institutional framework, limits Mendoza's creditworthiness.  S&P
expects Mendoza's economy to contract in line with that of the
nation by 0.5%, which should further weaken the province's
budgetary performance.  S&P expects an operating deficit of 1% of
operating revenues in 2015, compared with the 1.4% surplus in
2014.  Similarly, S&P expects the deficit after capital accounts
to widen to 4.5% in 2015 from 2.0% in 2014.  S&P believes that
this volatility partly stems from high inflation in Argentina,
which it expects to be between 25% and 30% in 2015.

High inflation has also pressured Mendoza's budgetary flexibility
due to ongoing negotiations for public-sector salary wage
increases, limiting the province's ability to cut expenditures.
Mendoza's already low capital expenditures, which S&P expects to
remain below 6% of total expenditures over the next couple of
years, will also hinder the province's ability to cut investments.
S&P expects Mendoza's own-source revenues to account for about 48%
of its operating revenues over the next several years, though S&P
don't expect it to raise tax rates in the near future.

Mendoza's current management has taken steps over the past four
years to help boost own source revenues to 49% of operating
revenues in 2014 from 44% in 2011, including stronger tax
collection.  Yet, the province's current administration has
struggled with its liquidity management amid political
disagreements among parties, preventing the passage of the
provincial budget for two consecutive years.  However, because the
"Cambia Mendoza" will have an absolute majority in both
legislative chambers starting in December 2015, S&P expects some
of this political divisiveness to abate.  The current
administration has a strong relationship with the federal
government, but whether or not the new administration can maintain
it will partly depend on the outcome of the October 2015 national

The federal government is Mendoza's largest creditor and holds
approximately 29% of its debt.  As of Dec. 31, 2014, the
province's debt, which S&P considers to be "moderate," reached
ARP9.3 billion, or 33% of the province's operating revenues. S&P
expects Mendoza's debt to be at 30%-32% of operating revenues for
the next two years as exchange rate movements and rising net
external financing offsets inflation's impact.  In addition, S&P
expects the province's interest expenses to remain relatively
stable, at about 2% of operating revenues.  Given that
approximately 51% of Mendoza's debt is dollar denominated,
exchange rate movements pose a currency risk.  The dollar-
denominated international bond, Bono Mendoza 2018, and local
dollar-linked bonds, make up about 25% of the total debt.
Multilateral organization loans make up about 19% of total debt.
Apart from its debt with the national government, Mendoza's local
currency debt is with commercial banks and local capital markets.


Mendoza has "weak" liquidity with no cash reserves and an
estimated debt service of about ARP2.7 billion in 2015 (including
ARP318 million in debt service to the central government under the
Federal Program for Debt Reduction).  Given that about 59% of the
province's 2015 debt service is in foreign currency, further
depreciations of the Argentine peso would further weaken Mendoza's
liquidity.  Yet, this exchange rate risk is mitigated by the
province's dollar-linked royalty income, which represented about
8% of operating revenues in 2014.

S&P believes that Mendoza's access to external liquidity is
limited.  Following the sovereign default in 2014, the province
hasn't tapped international capital markets, though it issued debt
in the domestic market with terms of less than five years.
Mendoza, like other public entities in Argentina, doesn't have a
strictly committed credit line, but it has established relations
with major banks, including Banco Naci¢n, which is the province's
financing agent and provides Mendoza with an overdraft facility.


The negative outlook reflects the potential implications that
further restrictions to foreign currency access could have on the
province's ability to continue to repay its debt service in a
timely manner amid limited external financing due to the
sovereign's selective default in 2014.  S&P could lower the
ratings on the province if it perceives the central government
might further tighten its exchange control regime, which could
impair Mendoza's ability to service its foreign currency debt.  On
the other hand, S&P could raise its ratings if the risks of access
to foreign currency diminish.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion.  The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook.  The weighting of all rating
factors is described in the methodology used in this rating

Ratings Affirmed

Mendoza (Province of)
Issuer Credit Rating                   CCC-/Negative/--
Senior Unsecured                       CCC-

C A Y M A N  I S L A N D S

BHUTAN INVESTMENTS: Creditors' Proofs of Debt Due Aug. 7
The creditors of Bhutan Investments Ltd. are required to file
their proofs of debt by Aug. 7, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 19, 2015.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Steven J Barrie
          Telephone: (345) 949 9710
          P.O. Box 2075, 31 The Strand
          Grand Cayman, KY1-1105
          Cayman Islands

CALIBRE FUND: Creditors & Contributories to Meet on July 23
The creditors and contributories of Calibre Fund, SPC will hold
their meeting on July 23, 2015, at 7:30 a.m.

The company's liquidator is:

          Mr. Keiran Hutchison
          c/o Tom Bussanich
          Ernst & Young Ltd.
          62 Forum Lane, Camana Bay
          P.O. Box 510 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: (345) 814 8977
          Facsimile: (345) 814 8529

DENJOY INTEGRAL: Creditors' Proofs of Debt Due July 28
The creditors of Denjoy Integral Fund Limited are required to file
their proofs of debt by July 28, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 345-914-4494/ +1 (345) 949-4800
          Facsimile: +1 345-949-7164

DENJOY MASTER: Creditors' Proofs of Debt Due July 28
The creditors of Denjoy Integral Master Fund Limited are required
to file their proofs of debt by July 28, 2015, to be included in
the company's dividend distribution.

The company commenced liquidation proceedings on June 15, 2015.

The company's liquidator is:

          K.D. Blake
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          c/o Jenna Nicholson
          Telephone: +1 345-914-4494/ +1 (345) 949-4800
          Facsimile: +1 345-949-7164

FAR EASTRON: Creditors' Proofs of Debt Due Aug. 4
The creditors of Far Eastron Holding Ltd. are required to file
their proofs of debt by Aug. 4, 2015, to be included in the
company's dividend distribution.

The company commenced liquidation proceedings on June 5, 2015.

The company's liquidator is:

          Yin, Te-Yang
          Portcullis Trustnet (Cayman) Ltd.
          c/o Michelle R. Bodden-Moxam
          Telephone: (345) 946-6145
          Facsimile: (345) 946-6146
          The Grand Pavilion Commercial Centre
          Oleander Way, 802 West Bay Road
          P.O. Box 32052 Grand Cayman KY1-1208
          Cayman Islands

GOLDMAN SACHS COLUMBUS: Commences Liquidation Proceedings
On June 19, 2015, the sole shareholder of Goldman Sachs Columbus
Co-Investment Advisors Offshore Holdings, Inc. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100

JASPER (CAYMAN): Shareholder to Hear Wind-Up Report on July 24
The shareholder of Jasper (Cayman) Closing Ltd will hear on
July 24, 2015, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.

The company's liquidator is:

          Anna Yonge
          c/o Anna Yonge or Gary Butler
          Telephone: (345) 949-4244
          Facsimile: (345) 949-8635
          P.O. Box 61 Harbour Centre, George Town
          Grand Cayman KY1-1102
          Cayman Islands

QS SINGLE: Shareholders' Final Meeting Set for July 17
The shareholders of QS Single Managers, SPC will hold their final
meeting on July 17, 2015, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands

TIGER CONSUMER: Placed Under Voluntary Wind-Up
On June 8, 2015, the sole shareholder of Tiger Consumer Partners
Offshore, Ltd. resolved to voluntarily wind up the company's

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Tiger Consumer Management LP
          c/o Daniella Skotnicki
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877
          89 Nexus Way Camana Bay
          Grand Cayman KY1-9007
          Cayman Islands

YANGTZE SOLAR: Shareholders' Final Meeting Set for July 14
The shareholders of Yangtze Solar Power Investment Ltd will hold
their final meeting on July 14, 2015, at 2:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidators are:

          Mr. Wang Feng
          Mr. Ye Dejun
          c/o Olivia Mason
          Travers Thorp Alberga
          1205A The Centrium 60 Wyndham Street Central
          Hong Kong
          Telephone: +852 2801 6066


HAITI: IDB Provides $15 Million Grant for Artisan Fishing Project
The Inter-American Development Bank has approved a $15 million
grant for a sustainable artisan-fishing development project in
southern Haiti.

Fishing is a key socioeconomic sector in Haiti, generating some
77,000 full-time jobs (52,000 direct and 25,000 indirect
positions).  Artisan fishing still remains the predominant type of
marine fishing in the country and takes place in 420 localities in
9 of the 10 departments.

The project seeks to improve artisan fishermen's productivity and
income in the Grand'Anse, Sud and Sud-Est departments by providing
improved public services for the fishing sector.  These are the
most productive departments in terms of fishing and house most of
the fishing localities, which has made them a key priority for the
government.  Additionally, institution-strengthening and capacity-
generation activities will benefit all fishing communities in the

The new grant complements other financing sources for the
projects, including a $2.7 million grant from the Spanish
Cooperation Agency for International Development (AECID) and $1.5
million in local funding.

The IDB is Haiti's largest multilateral donor. In the past four
years it has provided $1.263 billion in grants and disbursed more
than $686 million to support the country's economic recovery and
its long-term development investment in areas such as agriculture,
water and sanitation, transportation, energy, education and
private sector development.


PETROLEOS MEXICANOS: Pulls Out of 1st Phase of Round 1 Oil Auction
EFE News reports that Mexican state-owned oil company Petroleos
Mexicanos will not participate in the initial phase of the so-
called Round One of oil tenders, which will mark a historic first
step in the opening of the country's energy industry.

"You have to keep in mind two factors. Pemex has seen its revenues
fall by more than 50 percent due to the decline in oil prices,"
Energy Secretary Pedro Joaquin Coldwell told foreign
correspondents in announcing the company's decision, according to
EFE News.

The report notes that Pemex also obtained 83 percent of Mexico's
proven and probable reserves and 21 percent of its potential
resources in a so-called "Zero Round" of non-competitive bidding
last year, he recalled, adding that the company therefore "deemed
it better to concentrate its resources" on future bidding
processes, the report relates.

Eighteen individual private companies, including U.S. oil
supermajors ExxonMobil and Chevron, and seven private consortia
are competing in the phase-one auction of 14 shallow water
exploration blocks off the Gulf Coast states of Campeche, Tabasco
and Veracruz, the report discloses.

But four other companies that had been pre-qualified to bid for
the production-sharing contracts, including Colombian state-
controlled oil company Ecopetrol, have pulled out of the first
auction, it was announced, the report says.

The bids will be unsealed on July 15 and the winners will be
announced that same day, the report notes.

The report relays that Mr. Coldwell tried to lower expectations
ahead of the awarding of the first contracts, saying that because
of the current oil-price scenario it would be acceptable if
between 30 percent and 50 percent of the contracts on offer are

Mexico is starting small with its offer of shallow-water fields
and onshore blocks this year and saving the big prizes -- deep-
water fields in the Gulf of Mexico -- for later tenders, the
report notes.

The initial 14 blocks will be awarded in the first of five phases
of Round One, which comprises a total of 169 onshore and offshore
blocks, the report relays.

The report discloses that the awarding of the initial batch of 14
25-year production-sharing contracts follows a December 2013 oil
sector overhaul, a package of constitutional changes that ended
Pemex's 75-year-old monopoly and opened Mexico's energy sector to
private investment.

Mexico's government is looking to the energy overhaul to attract
tens of billions of dollars in investment and reverse a roughly 30
percent decline in Mexico's oil output, which peaked at 3.38
million barrels per day in 2004 and currently stands at roughly
2.3 million bpd, the report adds.

OAXACA: Moody's Changes Outlook to Neg. & Affirms Ba2 Rating
Moody's de Mexico changed the outlook on the State of Oaxaca's
issuer ratings to negative from stable.  At the same time, Moody's
affirmed the state's (Mexico National Scale) and Ba2 (Global
Scale, local currency) ratings.

Moody's revision of the outlook of the State of Oaxaca's issuer
ratings to negative from stable reflects the risk to the state's
credit quality of the expectation that recurrent cash financing
deficits recorded during the last three years, financed primarily
with short term debt, will continue in the medium-term and will be
accompanied by a further deterioration in Oaxaca's liquidity

During the last three years, Oaxaca registered cash financing
deficits equivalent to -5.9% of total revenues.  These financial
results were mainly driven by pressures on the current expenditure
side mainly related to education, primarily for the payroll of
teachers, and the state transfer for natural disasters.  Current
expenditures have grown on a compound annual growth rate (CAGR) of
11% during the 2010-2014 period, compared to the 9.8% CAGR for
total revenues.  Moody's expects that if the state fails to
successfully implement expenditure control measures, it will post
cash financing deficits in 2015 of approximately -6.0% of total

The state has financed these cash financing deficits through debt,
primarily with the acquisition of short term debt, adding risk to
Oaxaca's debt profile.  Net direct and indirect debt levels were
equivalent to 18.7% of total revenues at the end of 2014, compared
to 12.4% in 2012.  Currently, the state has the authorization to
contract an additional MXN 3.4 billion of debt in 2015, which
would allow the state develop some infrastructure projects.
Moody's expects that if Oaxaca contracts the total authorized
debt, its net direct and indirect debt will increase to 22% of
total revenues at the end of 2015, still a moderate level.

Combined with the cash financing deficits, Oaxaca's liquidity
position deteriorated in 2014.  Measured as net working capital
(current assets less current liabilities), liquidity was
equivalent to -2.3% of total expenditures compared to 6.6% in
2013.  The deterioration reflects the acquisition of short term
debt at the end of the year as well as an increase in accounts
payable.  Given the challenges the state faces in recording cash
financing deficits, Moody's anticipates that the downward trend in
liquidity seen since 2011 will continue.

The affirmation of the Ba2/ ratings reflects Oaxaca's
moderate net direct and indirect debt levels equivalent to 18.7%
of total revenues at the end of 2014 and low pension liabilities
compared to national peers.

The outlook of the ratings could be stabilized if the state
successfully implements current expenditure control measures,
resulting in the strengthening of cash financing results and
liquidity position.  If the state of Oaxaca continues registering
cash financing deficits in the near term, increasing debt levels
higher than expected and/or deteriorating further its liquidity
position, the ratings could face downward pressure.

The period of time covered in the financial information used to
determine State of Oaxaca's rating is between 01/01/2010 and
31/12/2014 (source: State of Oaxaca).


CORPORACION AZUCARERA: Fitch Affirms 'BB' Issuer Default Rating
Fitch Ratings has affirmed Corporacion Azucarera del Peru S.A.'s
(Coazucar) Local & Foreign Currency Issuer Default Rating (IDR)
and senior unsecured notes at 'BB'.

The Rating Outlook is Negative.


Negative Outlook:

Coazucar's Negative Outlook reflects the pressure over liquidity
and free cash flow (FCF) due to the capex commitment of about
USD200 million for the completion of the Olmos greenfield project
mainly over 2015-2017 period. The company has paid USD8 million-
USD9 million for Olmo's water resources since November 2014 and
cash generation from this project is not expected before the
second half of 2016.

Strong Equity Holder:

Coazucar's shareholders have demonstrated their financial
commitment to the company's liquidity. In September 2014,
Coazucar's shareholders injected USD30 million of equity cash into
the company and USD26.2 million in related debts were converted
into equity. In addition, USD24 million in assets were provided by
the owners for the Olmos greenfield project which includes a USD9
million production plant. Fitch factors potential support from the
shareholders into its rating and believes cash will continue to be
injected if liquidity deteriorates. Coazucar is part of a
conglomerate of companies owned by the Rodriguez Family and split
evenly between the two brothers. The conglomerate has leading
business positions in the cement and dairy industries in Peru and
surrounding regions.

Increased Leverage and FX Exposure:

Coazucar's gross leverage (total debt/EBITDA adjusted by dividends
paid to minority shareholders fell to 5.1x at LTM March 2015 from
5.9x in 2014 and 5.5x in 2013. Fitch expects gross leverage to
remain at above 4.0x in the next two years as FCF would be
negative due to high capex for the Olmos greenfield project. After
the completion of the project, Fitch expects to see deleveraging
even at currently low sugar prices. Coazucar's total debt of
USD477 million as of March 2015 is mainly related to the USD325
million unsecured notes due on August 2022. Most of the debt is
dollar denominated without any hedge against local currency
depreciation, which Fitch considers a risk factor.

Volatility of Earnings:

The ratings incorporate risks associated with product
concentration in sugar, which represented 83% of Coazucar's
revenues in 2014. By nature, the sugar industry is volatile and
exposed to fluctuations in commodity prices and external factors
such as the event risk associated with the natural phenomenon El
Nino. During the LTM ended March 31, 2015, adjusted EBITDA was
around USD100 million with a margin of 20.3%, similar to 2013, due
to lower prices but higher volumes. Fitch expects Coazucar's
EBITDA margin to be around 21%, in line with the depressed sugar
prices, cost savings and improvement in efficiencies. Although the
company's price gap between its brown and white sugar premium
prices in Peru compared to international prices has shown a
recovery since fourth quarter 2014, it is considered as volatile.
However, the group EBITDA margin is likely to benefit slightly
with the white refined sugar production coming from the Coazucar's
new refinery located in Casa Grande in Peru.

Strong Business Position in Peru:
Coazucar is geographically concentrated in Peru (68% of total
revenues and 82% of EBITDA in 2014). It is the largest sugar
producer in Peru, controlling around 46% of market share in the
country. It has a low cost structure and still high operating
margins (though lower than Brazilian peers which are more
diversified into ethanol) that stem from its proximity to owned
sugarcane fields, a lower dependence on third-party producers, and
some of the world's highest sugar cane yields per hectare as a
result of its favorable geographic location that allows for a
continuous growing period. Coazucar's operations in Ecuador and
Argentina diversify its production base and expand its sugar
offering with white/organic sugar, but with lower sugar cane
yields and profitability and higher sovereign risk than Peru.


Fitch's key assumptions within the rating case for the issuer

-- Olmos project starts production in second half of 2016 adding
    annual production of 120,000-130,000 tons of sugar;
-- Average sugar prices at USD14 cents/pound in 2015, USD16
    cents/pound in 2016 and USD17 cents/pounds from 2017 onwards;
-- Capex for Olmos project: USD200 million for 2015-2017;
-- Capex for maintenance: USD20 million per year;
-- Dividends for non-controlling shareholders at the subsidiary
    level: USD6.25 million per year; --EBITDA margin at around
-- Potential equity injections to preserve liquidity while
    completing the Olmos project.


A negative rating action could occur if the group's liquidity
position deteriorates due to increased capital investment or lower
margin without any tangible support from its shareholder. A
downgrade could occur if Fitch believes Coazucar's net leverage
will exceed 4.0x after 2017.

An Outlook revision to Stable could occur if Coazucar improves its
pricing power, reduces leverage and improves cash flow through the
investment cycle. Tangible support from the shareholder that
improves liquidity and lowers leverage also could lead to positive
rating actions.


As of March 31, 2015, the company had USD88 million in cash which
covered adjusted short-term debt of USD54 million by 2.4x, which
compares favorably with 1.9x and 1.3x in 2014 and 2013,
respectively.. Coazucar's debt amortization schedule is
manageable, as most of its debt is due in 2022.


Fitch has affirmed the ratings for Corporacion Azucarera del Peru
S.A. as follows:

-- Local and Foreign IDR at 'BB';
-- Senior unsecured debt at 'BB'.

P U E R T O    R I C O

BTB CORPORATION: Bankruptcy Filing Stays Rodriguez Suit
Magistrate Judge Marcos E. Lopez in Puerto Rico ruled that a
lawsuit against BTB Corporation remains stayed in view of BTB's
Chapter 11 bankruptcy filing.  The lawsuit may proceed as to the
other non-debtor defendants.

The case is, FRANCISCO RODRIGUEZ REYES, Plaintiff, v. BTB
Third-Party Defendants, Civil No. 14-1726 (MEL)(D.P.R.).

Judge Lopez also ruled that and Curbelo & Rullan Consulting
Engineer's crossclaim against BTB Corp. are stayed. All
proceedings regarding those claims, including discovery, shall be
stayed, as well. Additionally, Curbelo & Rullan Consulting
Engineer's crossclaim against MAPFRE, as insurer of BTB Corp.,
shall be stayed. All other claims, crossclaims, and third-party
claims, including those brought by BTB Corp. and those against
MAPFRE, as insurer of Christopher Concepcion Lopez, shall remain

A copy of Judge Lopez's June 24, 2015 Opinion and Order is
available at

                       About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.

BTB CORPORATION: Files Schedules of Assets and Liabilities
BTB Corporation filed with the U.S. Bankruptcy Court for the
District of Puerto Rico its schedules of assets and liabilities,

     Name of Schedule              Assets         Liabilities
     ----------------            -----------      -----------
  A. Real Property                        $0
  B. Personal Property           $30,027,987
  C. Property Claimed as
  D. Creditors Holding
     Secured Claims                                $5,940,035
  E. Creditors Holding
     Unsecured Priority
     Claims                                                $0
  F. Creditors Holding
     Unsecured Non-Priority
     Claims                                       $24,896,595
                                 -----------      -----------
        Total                    $30,027,987      $30,836,630

A copy of the schedules is available for free at

                       About BTB Corporation

BTB Corporation sought Chapter 11 protection (Bankr. D.P.R. Case
No. 15-03681) in Old San Juan, Puerto Rico, on May 17, 2015.
Samuel Lizardi signed the petition as interim president.  The
Debtor disclosed total assets of $16.5 million and total
liabilities of $13.2 million.

BTB said it sought bankruptcy protection as it is unable to meet
obligations as they mature, and creditors are threatening suit and
have threatened to undertake steps to obtain possession of its

The Debtor tapped Alexis Fuentes Hernandez, Esq., at Fuentes Law
Offices, LLC, as its counsel.

HORIZON LINES: Pioneer Global No Longer Owns Class A Shares
Pioneer Global Asset Management S.p.A. and Pioneer Investment
Management, Inc. disclosed in an amended Schedule 13G filed with
the Securities and Exchange Commission that as of June 30, 2015,
they ceased to beneficially own shares Class A common stock of
Horizon Lines, Inc.  Pioneer Global Asset Management previously
held 9,761,932 Class A shares as of Dec. 31, 2014.

A copy of the regulatory filing is available at:


                        About Horizon Lines

Horizon Lines, Inc., is a domestic ocean shipping company and the
only ocean cargo carrier serving all three noncontiguous domestic
markets of Alaska, Hawaii and Puerto Rico from the continental
United States.  The company owns a fleet of 13 fully Jones Act
qualified vessels and operates five port terminals in Alaska,
Hawaii and Puerto Rico.  A trusted partner for many of the
nation's leading retailers, manufacturers and U.S. government
agencies, Horizon Lines provides reliable transportation services
that leverage its unique combination of ocean transportation and
inland distribution capabilities to deliver goods that are vital
to the prosperity of the markets it serves.  The company is based
in Charlotte, NC, and its stock trades on the over-the-counter
market under the symbol HRZL.

Horizon Lines reported a net loss of $94.6 million for the year
ended Dec. 21, 2014, compared to a net loss of $31.9 million for
the year ended Dec. 22, 2013.

As of March 22, 2015, the Company had $542 million in total
assets, $711 million in total liabilities, and a $169 million
total stockholders' deficiency.

                           *     *     *

As reported by the TCR on June 8, 2015, Moody's Investors Service
has withdrawn the ratings it had assigned to Horizon Lines, Inc.,
including the Caa2 Corporate Family, the Caa2-PD Probability of
Default and SGL-4 Speculative Grade Liquidity ratings.
The rating withdrawals follow the completion of the previously
announced sale of Horizon to Matson, Inc. (not rated) valued at
$469 million.  Matson repaid all of the outstanding debt of
Horizon concurrently with the closing of the acquisition.

LAS AMERICAS: Plan Filing Date Extended
Judge Edward A. Godoy of the United States Bankruptcy Court for
the District of Puerto Rico, at the behest of Las Americas 74-75,
Inc., gave the Debtor an extension of time to file a disclosure
statement and plan as its main creditor, ALD Acquisition LLC, has
not filed a proof of claim and has not made an appearance in the
bankruptcy proceedings.

ALD opposed the extension request on the basis of its right to
commence receiving interest payment if the Debtor fails to file a
confirmable plan within the statutory period of 90 days as
established in Section 362(d)(3) of the Bankruptcy Code.  In
response to ALD, the Debtor said ALD's intent to oppose was filed
belatedly and with the only purpose of obstructing the Debtor's
reorganization process.

Judge Godoy gave the Debtor until July 13, 2015, to file a plan
and disclosure statement and ALD until July 6, 2015, to file a
proof of claim.

The Debtor is represented by:

         Carmen D. Conde Torres, Esq.
         254 San Jose Street, Suite 5
         San Juan, PR 00901
         Tel: 787 729-2900
         Fax: 787 729-2203

ALD Acquisition is represented by:

         Charles A. Cuprill-Hernandez, Esq.
         356 Fortaleza Street, Second Floor
         San Juan, PR 00901
         Tel: 787 977-0515
         Fax: 787 977-0518

                 About Las Americas 74-75

Las Americas 74-75, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. D.P.R. Case No. 15-01527) on March 2,

The petition was signed by Omar Guzman Benitez, vice president.

The case is assigned to Judge Edward Godoy.  Las Americas 74-75 is
represented by Carmen Conde Torres, Esq., at C. Conde &
in San Juan, Puerto Rico.

Las Americas disclosed total assets estimated at $21.2 million and
total debt estimated at $18.7 million.

OFG BANCORP: S&P Cuts Issuer Credit Rating to B; Outlook Negative
Standard & Poor's Ratings Services affirmed its ratings on two
regional banks -- Popular Inc. and FirstBank Puerto Rico -- and
lowered its ratings on two banks -- OFG Bancorp and Santander
Bancorp.  S&P has affirmed its 'B+/C' ratings on Popular Inc. and
its 'B+' rating on FirstBank Puerto Rico.  S&P has lowered its
rating on OFG Bancorp to 'B' from 'B+' and S&P's ratings on
Santander Bancorp to 'BBB-/A-3' from 'BBB/A-2'.  S&P also removed
the ratings on all four banks from CreditWatch, where it had
placed them with negative implications on Feb. 13, 2015.  The
rating outlooks on all four banks are negative.


The rating actions were largely based on S&P's view that the
difficulties in the loan portfolios will worsen, and the local
economy could weaken further.

S&P believes that the shrinking economy of Puerto Rico and the
high probability that the Commonwealth of Puerto Rico and some of
its government-related entities will default or conduct distressed
exchanges of their debt in the coming months poses direct and
indirect threats to the creditworthiness and the business models
of the four commercial banks on the island.

S&P recognizes that these banks have taken significant steps to
lower their holdings of government and government-related debt and
improve other aspects of their creditworthiness.  Still, they all
face some level of direct exposure to the government, and,
furthermore, S&P believes that fiscal woes of the commonwealth
could add further to the deterioration in the local economy.  That
could cause the banks' credit losses to rise and their capital to
decline.  In addition, given the difficulties in Puerto Rico, S&P
views the ability to add profitable loans as challenging because
most of these banks' portfolios are in run-off mode, which S&P
views negatively in terms of a sustainable business model.

As a percent of its capital, OFG has the highest exposure to the
commonwealth, municipalities, and government-related agencies in
Puerto Rico among the four banks.  S&P believes this factor, in
addition to its view that attractive lending opportunities are
becoming more scarce, has weakened the company's business
position.  As a result, S&P revised its business position
assessment to "weak" and lowered its rating on OFG by one notch.

Likewise, the business position of Santander has also weakened, in
S&P's view, as the bank has shrunk its balance sheet meaningfully
in recent years.  That has caused the company's problem assets to
increase as a as a portion of total assets.  S&P continues to view
its creditworthiness as investment grade, largely because of its
robust capital and S&P's view that it would receive some support
from its parent, Banco Santander S.A.  Still, S&P views
Santander's business risk profile as "weak," and believe it
reflects the lack of business opportunity and possible credit
issues on the horizon, based on further weakening of the Puerto
Rican economy.

Popular and FirstBank also face challenges, but, in S&P's view,
the speculative-grade ratings already reflect the risks posed by
the deterioration of Puerto Rico from a fiscal and credit
standpoint.  They also have made improvements in recent years to
their business and financial profiles.


S&P maintains negative outlooks on all four of these ratings
because it believes the remaining Puerto Rico government-related
loan exposures are still substantial, and S&P sees a more
difficult business and asset-quality environment.  S&P expects
that loan performance will remain poor over at least the next few
years, given the weak economy in Puerto Rico and uncertainty
regarding loan exposures to the Puerto Rican government and
related entities.  S&P will also be monitoring these banks'
funding profiles closely, as these banks--except for Santander--
rely on a significant amount of wholesale funding.

Positively, S&P recognizes that all of these banks benefit from
certain structural benefits, such as access to the Federal Home
Loan Bank, the U.S. Federal Reserve's discount window, and deposit
insurance from the Federal Deposit Insurance Corp., which could
support their funding profiles and minimize potential outflows of
customer deposits despite the commonwealth's persistent economic

S&P plans to publish individual analyses on each of these banks
with more details on the ratings.


Downgraded; Removed From Watch; Outlook Negative

                           To                 From

OFG Bancorp
Issuer Credit Rating      B/Negative/--      B+/Watch Neg/--
Preferred Stock           CCC                CCC+/Watch Neg

Santander Bancorp
Banco Santander Puerto Rico
Issuer Credit Rating      BBB-/Negative/A-3  BBB/Watch Neg/A-2

Banco Santander Puerto Rico
  Commercial Paper         A-3                A-2/Watch Neg
  Preferred Stock           B                  BB-/Watch Neg

Affirmed; Removed From Watch; Outlook Negative

Popular Inc.
Issuer Credit Rating      B+/Negative/C     B+/Watch Neg/C
Preferred Stock           CCC+              CCC+/Watch Neg
Commercial Paper          C                 C/Watch Neg

FirstBank Puerto Rico
Issuer Credit Rating      B+/Negative/--    B+/Watch Neg/--

PUERTO RICO: 1st Cir. Invalidates Debt Enforcement & Recovery Act
The following is a statement from Franklin Advisers, Inc. and

"The United States Court of Appeals for the First Circuit on July
7 unanimously ruled for bondholders when it invalidated Puerto
Rico's Debt Enforcement and Recovery Act as pre-empted by the
Federal Bankruptcy Code.  Puerto Rico had adopted the Act to
compel a restructuring of over $18 billion in bonds issued by the
Commonwealth's electric, sewer and highway corporations.  The
decision protects bondholders across the United States from Puerto
Rico's now-void statute and from any other state attempting to
enact a similar statute.  The First Circuit found that Congress
had reserved to itself the power to authorize a bankruptcy
proceeding for Puerto Rico's municipalities.  The Court held that
preemption 'follows straightforwardly from the plain text and is
confirmed by both statutory history and legislative history,' and
rejected the Commonwealth's 'unsound and unsuccessful alternative

"We continue to work with the Commonwealth and Puerto Rico's
electric company toward a mutually agreed upon revitalization
plan, and expect to work with the Commonwealth generally to
develop reforms that holders of Puerto Rico's bonds can support."


SURINAME: Signs Deal With CDB to Reduce Trade Licenses Wait
----------------------------------------------------------- reports that Suriname has signed two historic
agreements with the Caribbean Development Bank (CDB) for projects
to improve Suriname's implementation of both the European
Partnership Agreement (EPA) and the CARICOM Single Market and
Economy (CSME).

The two projects will assist in transforming Suriname into a more
competitive economy, increasing its export earnings, and making
the country more attractive for investment, according to

The projects, to be implemented by the Ministry of Trade and
Industry and the Suriname Business Forum, are being funded through
two grant facilities -- the CSME Standby Facility and the EPA
(Economic Partnership Agreement between the European Union and
CARIFORUM) Standby Facility, the report notes.

"With the support of the Caribbean Development Bank, CARIFORUM and
the EU, we will be able to accomplish some important goals with
these projects," said Minister of Trade and Industry, Don Soejit
Tosendjojo, the report relates.

"These grants through the Trade Facilities will allow us to bridge
the gap between world trends in Trade Facilitation and our current
system, as well as prepare ourselves to deal with the increasing
challenges of operating in competitive world markets," Mr.
Tosendjojo said, the report notes.

The report discloses that the Ministry will implement a grant from
the EPA Standby Facility which will help determine the
requirements for establishing an Electronic Single Window (ESW).
The ESW will allow importers and exporters to submit all of the
documentation needed to obtain licenses to trade online.
Currently, applications for trade licenses must be submitted in
hard copy and manually processed, the report relays.

Depending on the volume of applications received and the extent to
which forms have been filled correctly and accompanied by the
required certificates, it can take up to a month to obtain a
license, the report discloses.  The establishment of an ESW will
allow all applications and processing to be done electronically
thereby significantly reducing processing time to as little as 48
hours, the report relays.

"These two projects, when fully implemented, will in a tangible
way demonstrate how the region's trading regime can be used to
create sustainable economic opportunities for our people", said
Edward Greene, Division Chief, Technical Cooperation Division of
the Caribbean Development Bank, the report adds.


* VENEZUELA: To Stop Buying Rice from Guyana Amid Dispute
Trinidad Express reports that Venezuela has decided to stop buying
much of Guyana's rice crop amid an escalating border dispute
between the South American neighbors, the Guyanese finance
minister said.

Finance Minister Winston Jordan said Venezuelan officials informed
him during a visit to Caracas that they will be acquiring rice
from other suppliers, including Suriname, by the end of the year,
according to Trinidad Express.

The report notes that Venezuela has in the past four years
purchased about 40 percent of Guyana's rice production, or about
200,000 tons, paying for it with oil that amounts to about half of
Guyana's daily supply needs.  "It will be a significant blow to
us," said Peter DeGroot, president of the Rice Millers
Association, the report relates.

The exchange of rice for oil was done under Petrocaribe, a
Venezuelan initiative that provides fuel at generous financial
terms to Caribbean and Central American countries. Guyana remains
a member of Petrocaribe and will continue to buy oil from
Venezuela, Mr. Jordan said, the report discloses.

The report notes that Mr. Jordan said Venezuela did not disclose
the reason for its decision, but the long-running border dispute
has been heating up following the recent disclosure of a major oil
discovery off Guyana in waters that Venezuela claims.  President
Nicolas Maduro said that he was recalling Venezuela's ambassador
in Guyana for consultations and would review relations between the
countries, the report relays.

Guyana Prime Minister Moses Nagamootoo said the timing of the rice
announcement made it at least appear that it is connected to the
border flap, the report notes.  "It will have to be considered
whether Venezuela's position of the non-renewal of the Petrocaribe
barter agreement is indeed an act of economic sanction against
Guyana," he said in a statement obtained by the news agency.

The finance minister said Venezuela also did not rule out future
purchases of rice.  He also said that Venezuela had previously
informed Guyanese officials of the plans to discontinue the bulk
purchase of the rice crop but that the government of President
Donald Ramotar, which was ousted in May elections, did not
disclose the information, the report adds.


* Large Companies With Insolvent Balance Sheets

                                         Total       Shareholders
                                         Assets          Equity
Company                Ticker           (US$MM)        (US$MM)
-------                ------         ---------      ------------
FABRICA TECID-RT         FTRX1 BZ    66603695.4     -76419246.3
METROGAS SA-A          153255Z AR     331403741     -24462400.6
METROGAS SA-C          153263Z AR     331403741     -24462400.6
LA POLAR SA           NUEVAPOL CI     571550458     -31565432.3
TECTOY-PF-RTS5/6        TOYB11 BZ    27114628.6     -8215580.95
TEKA-ADR                 TEKAY US     313948165      -395261073
GOL-PREF                 GOLL4 BZ    3769323901      -125802483
GOL-ADR                    GOL US    3769323901      -125802483
GOL                      GOLL3 BZ    3769323901      -125802483
METROGAS-B               MGSBF US     331403741     -24462400.6
BOMBRIL                  BMBBF US     323685704       -31241748
KARSTEN                  CTKCF US     174656858     -10482924.6
KARSTEN-PREF             CTKPF US     174656858     -10482924.6
MANGELS INDL-PRF         MGIRF US     176399866     -61689625.2
TEKA                     TKTQF US     313948165      -395261073
TEKA-PREF                TKTPF US     313948165      -395261073
SNIAFA SA-B              SDAGF US    11229696.2     -2670544.86
TEC TOY SA-PREF          TOYDF US    27114628.6     -8215580.95
PUYEHUE RIGHT         PUYEHUOS CI      17878064     -7344408.97
BATTISTELLA-RIGH         BTTL1 BZ     120474772     -21271905.1
BATTISTELLA-RI P         BTTL2 BZ     120474772     -21271905.1
BATTISTELLA-RECE         BTTL9 BZ     120474772     -21271905.1
BATTISTELLA-RECP        BTTL10 BZ     120474772     -21271905.1
AGRENCO LTD-BDR         AGEN33 BZ     285996574      -543142756
GOL-ADR                    GOQ GR    3769323901      -125802483
PET MANG-RIGHTS       3678565Q BZ     140957879      -410925540
PET MANG-RIGHTS       3678569Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229292Q BZ     140957879      -410925540
PET MANG-RECEIPT      0229296Q BZ     140957879      -410925540
MMX MINERACAO            TRES3 BZ    1223308090      -312940530
INEPAR-RT ORD         3697782Q BZ    1191789041      -214360998
INEPAR-RT PREF        3697786Q BZ    1191789041      -214360998
INEPAR-RCT ORD        3697790Q BZ    1191789041      -214360998
INEPAR-RCT PREF       3697794Q BZ    1191789041      -214360998
RB CAPITAL              RBCS3B BZ    13996658.5     -815.062365
MMX MINERACA-GDR         MMXMY US    1223308090      -312940530
BOMBRIL HOLDING          FPXE3 BZ    19416013.9      -489914853
BOMBRIL                  FPXE4 BZ    19416013.9      -489914853
SANESALTO                SNST3 BZ    21339668.9     -6954061.77
BOMBRIL-RGTS PRE         BOBR2 BZ     323685704       -31241748
BOMBRIL-RIGHTS           BOBR1 BZ     323685704       -31241748
MMX MINERACA-GDR      0567931D CN    1223308090      -312940530
MMX MINERACA-GDR          3M11 GR    1223308090      -312940530
LAEP-BDR                MILK33 BZ     222902269      -255311026
AGRENCO LTD               AGRE LX     285996574      -543142756
LAEP INVESTMENTS          LEAP LX     222902269      -255311026
INVERS ELEC BUEN         IEBAA AR     239575758     -28902145.8
INVERS ELEC BUEN         IEBAB AR     239575758     -28902145.8
OSX BRASIL SA            OSXB3 BZ    2592199410      -291661108
MMX MINERACAO            MMXCF US    1223308090      -312940530
CELGPAR                  GPAR3 BZ     233784351     -1156798479
RECRUSUL - RT         4529781Q BZ    25757600.8     -21626049.7
RECRUSUL - RT         4529785Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529789Q BZ    25757600.8     -21626049.7
RECRUSUL - RCT        4529793Q BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL11 BZ    25757600.8     -21626049.7
RECRUSUL-BON RT         RCSL12 BZ    25757600.8     -21626049.7
BALADARE                 BLDR3 BZ     159449535     -52990723.7
TEXTEIS RENAU-RT         TXRX1 BZ    48951015.5     -73535330.8
TEXTEIS RENAU-RT         TXRX2 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT         TXRX9 BZ    48951015.5     -73535330.8
TEXTEIS RENA-RCT        TXRX10 BZ    48951015.5     -73535330.8
CIA PETROLIF-PRF         MRLM4 BZ     377592596      -3014215.1
CIA PETROLIFERA          MRLM3 BZ     377592596      -3014215.1
NEWTEL PARTICIPA         NEWT3 BZ    10517157.2     -10542831.7
NOVA AMERICA SA          NOVA3 BZ    21287488.9      -183535526
NOVA AMERICA-PRF         NOVA4 BZ    21287488.9      -183535526
EBX BRASIL SA            CTMN3 BZ    2592199410      -291661108
GOL-ADR                   GOLN MM    3769323901      -125802483
OSX BRASIL SA            EBXB3 BZ    2592199410      -291661108
LA POLAR-RT           LAPOLARO CI     571550458     -31565432.3
ELECTRICIDAD ARG      3447811Z AR     948261051      -148983927
TEC TOY-RT            7335610Q BZ    27114628.6     -8215580.95
TEC TOY-RT            7335614Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335626Q BZ    27114628.6     -8215580.95
TEC TOY-RCT           7335630Q BZ    27114628.6     -8215580.95
MMX MINERACAO-RT      4111484Q BZ    1223308090      -312940530
MMX MINERACA-RCT      4111488Q BZ    1223308090      -312940530
GOL-RT                0113333D BZ    3769323901      -125802483
GOL-RT                0113334D BZ    3769323901      -125802483
GOL-RCT               0113335D BZ    3769323901      -125802483
GOL-RCT               0113338D BZ    3769323901      -125802483
PET MANG-RT           4115360Q BZ     140957879      -410925540
PET MANG-RT           4115364Q BZ     140957879      -410925540
INEPAR-RT ORD            INEP1 BZ    1191789041      -214360998
INEPAR-RT PREF           INEP2 BZ    1191789041      -214360998
INEPAR-RCT ORD           INEP9 BZ    1191789041      -214360998
INEPAR-RCT PREF         INEP10 BZ    1191789041      -214360998
MINUPAR-RT            9314542Q BZ    76619687.5     -91780261.5
MINUPAR-RCT           9314634Q BZ    76619687.5     -91780261.5
MMX MINERACAO-RT      0626050D BZ    1223308090      -312940530
MMX MINERACA-RCT      0626051D BZ    1223308090      -312940530
PET MANG-RT           0229249Q BZ     140957879      -410925540
PET MANG-RT           0229268Q BZ     140957879      -410925540
RECRUSUL - RT         0163579D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0163580D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163582D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0163583D BZ    25757600.8     -21626049.7
PORTX OPERA-GDR          PXTPY US     976769385     -9407990.18
PORTX OPERACOES          PRTX3 BZ     976769385     -9407990.18
OSX BRASIL S-GDR         OSXRY US    2592199410      -291661108
TEC TOY-RT            1254570D BZ    27114628.6     -8215580.95
TEC TOY-RT            1254571D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254572D BZ    27114628.6     -8215580.95
TEC TOY-RCT           1254573D BZ    27114628.6     -8215580.95
MMX MINERACAO           MMXM11 BZ    1223308090      -312940530
MINUPAR-RT            0599562D BZ    76619687.5     -91780261.5
MINUPAR-RCT           0599564D BZ    76619687.5     -91780261.5
PET MANG-RT              RPMG2 BZ     140957879      -410925540
PET MANG-RT           0848424D BZ     140957879      -410925540
PET MANG-RECEIPT         RPMG9 BZ     140957879      -410925540
PET MANG-RECEIPT        RPMG10 BZ     140957879      -410925540
GOL-RT                   GOLL1 BZ    3769323901      -125802483
GOL-RT                1003237D BZ    3769323901      -125802483
GOL-RCT                  GOLL9 BZ    3769323901      -125802483
GOL-RCT               1003238D BZ    3769323901      -125802483
LAEP INVESTMEN-B      0122427D LX     222902269      -255311026
LAEP INVES-BDR B      0163599D BZ     222902269      -255311026
RECRUSUL - RT         0614673D BZ    25757600.8     -21626049.7
RECRUSUL - RT         0614674D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614675D BZ    25757600.8     -21626049.7
RECRUSUL - RCT        0614676D BZ    25757600.8     -21626049.7
TEKA-RTS                 TEKA1 BZ     313948165      -395261073
TEKA-RTS                 TEKA2 BZ     313948165      -395261073
TEKA-RCT                 TEKA9 BZ     313948165      -395261073
TEKA-RCT                TEKA10 BZ     313948165      -395261073
MINUPAR-RTS              MNPR1 BZ    76619687.5     -91780261.5
MINUPAR-RCT              MNPR9 BZ    76619687.5     -91780261.5
LA POLAR-RT           LAPOLAOS CI     571550458     -31565432.3
RECRUSUL SA-RTS          RCSL1 BZ    25757600.8     -21626049.7
RECRUSUL SA-RTS          RCSL2 BZ    25757600.8     -21626049.7
RECRUSUL SA-RCT          RCSL9 BZ    25757600.8     -21626049.7
RECRUSUL - RCT          RCSL10 BZ    25757600.8     -21626049.7
OSX BRASIL - RTS      0701756D BZ    2592199410      -291661108
OSX BRASIL - RTS      0701757D BZ    2592199410      -291661108
LA POLAR SA            LAPOLAR CI     571550458     -31565432.3
MMX MINERACA-RTS         MMXM1 BZ    1223308090      -312940530
MMX MINERACA-RCT         MMXM9 BZ    1223308090      -312940530
OSX BRASIL - RTS      0812903D BZ    2592199410      -291661108
OSX BRASIL - RTS      0812904D BZ    2592199410      -291661108
OSX BRASIL SA            OSXRF US    2592199410      -291661108
OSX BRASIL - RTS         OSXB1 BZ    2592199410      -291661108
OSX BRASIL - RTS         OSXB9 BZ    2592199410      -291661108
NEWTEL PARTI-RTS      1051621D BZ    10517157.2     -10542831.7
PET MANG-RTS          1227980D BZ     140957879      -410925540
AGRENCO LTD-BDR         AGEN11 BZ     285996574      -543142756
LAEP-BDR                MILK11 BZ     222902269      -255311026
MMX MINERACA-GDR         MMXMD US    1223308090      -312940530
MMX MINERACAO            MMXXF US    1223308090      -312940530
GOL PREF - RTS           GOLL2 BZ    3769323901      -125802483
GOL PREF - RCT          GOLL10 BZ    3769323901      -125802483
BOMBRIL - RTS           BOBR11 BZ     323685704       -31241748
KARSTEN SA - RTS         CTKA1 BZ     174656858     -10482924.6
KARSTEN SA - RTS         CTKA2 BZ     174656858     -10482924.6
KARSTEN SA - RCT         CTKA9 BZ     174656858     -10482924.6
KARSTEN SA - RCT        CTKA10 BZ     174656858     -10482924.6
NEWTEL PARTI-RCT        NEWT9B BZ    10517157.2     -10542831.7
NEWTEL PARTI-RTS        NEWT1B BZ    10517157.2     -10542831.7
CELGPAR-RTS             GPAR11 BZ     233784351     -1156798479
LA POLAR-RTS BON      LAPOLAOB CI     571550458     -31565432.3
PET MANGUINH-RTS         RPMG1 BZ     140957879      -410925540
METROGAS-B                METR AR     331403741     -24462400.6
METROGAS-B BLOCK         METRB AR     331403741     -24462400.6
METROGAS-B               METRC AR     331403741     -24462400.6
METROGAS-B               METRD AR     331403741     -24462400.6
METROGAS SA               MGAI US     331403741     -24462400.6
METROGAS-B                MGSB GR     331403741     -24462400.6
METROGAS-ADR               MGS US     331403741     -24462400.6
METROGAS-ADR              MGSA GR     331403741     -24462400.6
ARTHUR LANGE             ARLA3 BZ    11642254.9     -17154460.3
ARTHUR LANGE SA         ALICON BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF         ARLA4 BZ    11642254.9     -17154460.3
ARTHUR LANGE-PRF        ALICPN BZ    11642254.9     -17154460.3
ARTHUR LANG-RT C         ARLA1 BZ    11642254.9     -17154460.3
ARTHUR LANG-RT P         ARLA2 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC C         ARLA9 BZ    11642254.9     -17154460.3
ARTHUR LANG-RC P        ARLA10 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD C        ARLA11 BZ    11642254.9     -17154460.3
ARTHUR LAN-DVD P        ARLA12 BZ    11642254.9     -17154460.3
BOMBRIL                  BOBR3 BZ     323685704       -31241748
BOMBRIL CIRIO SA        BOBRON BZ     323685704       -31241748
BOMBRIL-PREF             BOBR4 BZ     323685704       -31241748
BOMBRIL CIRIO-PF        BOBRPN BZ     323685704       -31241748
BOMBRIL SA-ADR           BMBPY US     323685704       -31241748
BOMBRIL SA-ADR           BMBBY US     323685704       -31241748
BUETTNER                 BUET3 BZ    82872146.2     -36299304.3
BUETTNER SA             BUETON BZ    82872146.2     -36299304.3
BUETTNER-PREF            BUET4 BZ    82872146.2     -36299304.3
BUETTNER SA-PRF         BUETPN BZ    82872146.2     -36299304.3
BUETTNER SA-RTS          BUET1 BZ    82872146.2     -36299304.3
BUETTNER SA-RT P         BUET2 BZ    82872146.2     -36299304.3
CAF BRASILIA             CAFE3 BZ     160933830      -149277092
CAFE BRASILIA SA        CSBRON BZ     160933830      -149277092
CAF BRASILIA-PRF         CAFE4 BZ     160933830      -149277092
CAFE BRASILIA-PR        CSBRPN BZ     160933830      -149277092
IGUACU CAFE              IGUA3 BZ     190073766       -74308212
IGUACU CAFE             IGCSON BZ     190073766       -74308212
IGUACU CAFE              IGUCF US     190073766       -74308212
IGUACU CAFE-PR A         IGUA5 BZ     190073766       -74308212
IGUACU CAFE-PR A        IGCSAN BZ     190073766       -74308212
IGUACU CAFE-PR A         IGUAF US     190073766       -74308212
IGUACU CAFE-PR B         IGUA6 BZ     190073766       -74308212
IGUACU CAFE-PR B        IGCSBN BZ     190073766       -74308212
SCHLOSSER                SCLO3 BZ    46981417.3     -55419754.7
SCHLOSSER SA             SCHON BZ    46981417.3     -55419754.7
SCHLOSSER-PREF           SCLO4 BZ    46981417.3     -55419754.7
SCHLOSSER SA-PRF         SCHPN BZ    46981417.3     -55419754.7
KARSTEN SA               CTKA3 BZ     174656858     -10482924.6
KARSTEN                  CTKON BZ     174656858     -10482924.6
KARSTEN-PREF             CTKA4 BZ     174656858     -10482924.6
KARSTEN-PREF             CTKPN BZ     174656858     -10482924.6
COBRASMA                 CBMA3 BZ    68585867.9     -2324358597
COBRASMA SA             COBRON BZ    68585867.9     -2324358597
COBRASMA-PREF            CBMA4 BZ    68585867.9     -2324358597
COBRASMA SA-PREF        COBRPN BZ    68585867.9     -2324358597
D H B                    DHBI3 BZ    94806424.1      -188014922
DHB IND E COM            DHBON BZ    94806424.1      -188014922
D H B-PREF               DHBI4 BZ    94806424.1      -188014922
DHB IND E COM-PR         DHBPN BZ    94806424.1      -188014922
DOCA INVESTIMENT         DOCA3 BZ     187044412      -204249587
DOCAS SA                DOCAON BZ     187044412      -204249587
DOCA INVEST-PREF         DOCA4 BZ     187044412      -204249587
DOCAS SA-PREF           DOCAPN BZ     187044412      -204249587
DOCAS SA-RTS PRF         DOCA2 BZ     187044412      -204249587
FABRICA RENAUX           FTRX3 BZ    66603695.4     -76419246.3
FABRICA RENAUX          FRNXON BZ    66603695.4     -76419246.3
FABRICA RENAUX-P         FTRX4 BZ    66603695.4     -76419246.3
FABRICA RENAUX-P        FRNXPN BZ    66603695.4     -76419246.3
HAGA                     HAGA3 BZ    17930008.8       -31863962
FERRAGENS HAGA          HAGAON BZ    17930008.8       -31863962
FER HAGA-PREF            HAGA4 BZ    17930008.8       -31863962
FERRAGENS HAGA-P        HAGAPN BZ    17930008.8       -31863962
CIMOB PARTIC SA          GAFP3 BZ    44047412.2     -45669964.1
CIMOB PARTIC SA          GAFON BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFP4 BZ    44047412.2     -45669964.1
CIMOB PART-PREF          GAFPN BZ    44047412.2     -45669964.1
IGB ELETRONICA           IGBR3 BZ     307112239     -59872446.9
GRADIENTE ELETR          IGBON BZ     307112239     -59872446.9
GRADIENTE-PREF A         IGBR5 BZ     307112239     -59872446.9
GRADIENTE EL-PRA         IGBAN BZ     307112239     -59872446.9
GRADIENTE-PREF B         IGBR6 BZ     307112239     -59872446.9
GRADIENTE EL-PRB         IGBBN BZ     307112239     -59872446.9
GRADIENTE-PREF C         IGBR7 BZ     307112239     -59872446.9
GRADIENTE EL-PRC         IGBCN BZ     307112239     -59872446.9
HOTEIS OTHON SA          HOOT3 BZ     207664352     -21612890.7
HOTEIS OTHON SA         HOTHON BZ     207664352     -21612890.7
HOTEIS OTHON-PRF         HOOT4 BZ     207664352     -21612890.7
HOTEIS OTHON-PRF        HOTHPN BZ     207664352     -21612890.7
RENAUXVIEW SA            TXRX3 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXON BZ    48951015.5     -73535330.8
RENAUXVIEW SA-PF         TXRX4 BZ    48951015.5     -73535330.8
TEXTEIS RENAUX          RENXPN BZ    48951015.5     -73535330.8
INEPAR                   INEP3 BZ    1191789041      -214360998
INEPAR SA               INPRON BZ    1191789041      -214360998
INEPAR-PREF              INEP4 BZ    1191789041      -214360998
INEPAR SA-PREF          INPRPN BZ    1191789041      -214360998
INEPAR-COM DVD          INEP11 BZ    1191789041      -214360998
INEPAR BONUS B          INEP12 BZ    1191789041      -214360998
INEPAR-PRF DVD          INEP13 BZ    1191789041      -214360998
PARMALAT                 LCSA3 BZ     388720096      -213641152
PARMALAT BRASIL         LCSAON BZ     388720096      -213641152
PADMA INDUSTRIA          LCSA4 BZ     388720096      -213641152
PARMALAT BRAS-PF        LCSAPN BZ     388720096      -213641152
PARMALAT BR-RT C         LCSA5 BZ     388720096      -213641152
PARMALAT BR-RT P         LCSA6 BZ     388720096      -213641152
MANGELS INDL             MGEL3 BZ     176399866     -61689625.2
MANGELS INDL SA         MISAON BZ     176399866     -61689625.2
MANGELS INDL-PRF         MGEL4 BZ     176399866     -61689625.2
MANGELS INDL-PRF        MISAPN BZ     176399866     -61689625.2
ESTRELA SA               ESTR3 BZ     101429217      -112373470
ESTRELA SA              ESTRON BZ     101429217      -112373470
ESTRELA SA-PREF          ESTR4 BZ     101429217      -112373470
ESTRELA SA-PREF         ESTRPN BZ     101429217      -112373470
MET DUQUE                DUQE3 BZ    75039127.4     -2847420.37
MET DUQUE                MDUON BZ    75039127.4     -2847420.37
MET DUQUE-PREF           DUQE4 BZ    75039127.4     -2847420.37
MET DUQUE-PREF           MDUPN BZ    75039127.4     -2847420.37
WETZEL SA                MWET3 BZ      85449973     -19170318.6
WETZEL SA               MWELON BZ      85449973     -19170318.6
WETZEL SA-PREF           MWET4 BZ      85449973     -19170318.6
WETZEL SA-PREF          MWELPN BZ      85449973     -19170318.6
MINUPAR                  MNPR3 BZ    76619687.5     -91780261.5
MINUPAR SA              MNPRON BZ    76619687.5     -91780261.5
MINUPAR-PREF             MNPR4 BZ    76619687.5     -91780261.5
MINUPAR SA-PREF         MNPRPN BZ    76619687.5     -91780261.5
NOVA AMERICA SA         NOVA3B BZ    21287488.9      -183535526
NOVA AMERICA SA         NOVAON BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVA4B BZ    21287488.9      -183535526
NOVA AMERICA-PRF        NOVAPN BZ    21287488.9      -183535526
NOVA AMERICA-PRF        1NOVPN BZ    21287488.9      -183535526
NOVA AMERICA SA         1NOVON BZ    21287488.9      -183535526
RECRUSUL                 RCSL3 BZ    25757600.8     -21626049.7
RECRUSUL SA             RESLON BZ    25757600.8     -21626049.7
RECRUSUL-PREF            RCSL4 BZ    25757600.8     -21626049.7
RECRUSUL SA-PREF        RESLPN BZ    25757600.8     -21626049.7
PETRO MANGUINHOS         RPMG3 BZ     140957879      -410925540
PETRO MANGUINHOS        MANGON BZ     140957879      -410925540
PET MANGUINH-PRF         RPMG4 BZ     140957879      -410925540
PETRO MANGUIN-PF        MANGPN BZ     140957879      -410925540
RIMET                    REEM3 BZ     103098359      -185417651
RIMET                   REEMON BZ     103098359      -185417651
RIMET-PREF               REEM4 BZ     103098359      -185417651
RIMET-PREF              REEMPN BZ     103098359      -185417651
SANSUY                   SNSY3 BZ     164647493      -171565662
SANSUY SA               SNSYON BZ     164647493      -171565662
SANSUY-PREF A            SNSY5 BZ     164647493      -171565662
SANSUY SA-PREF A        SNSYAN BZ     164647493      -171565662
SANSUY-PREF B            SNSY6 BZ     164647493      -171565662
SANSUY SA-PREF B        SNSYBN BZ     164647493      -171565662
SNIAFA SA                 SNIA AR    11229696.2     -2670544.86
SNIAFA SA-B              SNIA5 AR    11229696.2     -2670544.86
PILMAIQUEN             PILMAIQ CI     169175281     -28425493.1
BOTUCATU TEXTIL          STRP3 BZ    27663605.3     -7174512.12
STAROUP SA              STARON BZ    27663605.3     -7174512.12
BOTUCATU-PREF            STRP4 BZ    27663605.3     -7174512.12
STAROUP SA-PREF         STARPN BZ    27663605.3     -7174512.12
TECTOY                   TOYB3 BZ    27114628.6     -8215580.95
TECTOY SA               TOYBON BZ    27114628.6     -8215580.95
TECTOY-PREF              TOYB4 BZ    27114628.6     -8215580.95
TECTOY SA-PREF          TOYBPN BZ    27114628.6     -8215580.95
TEC TOY SA-PREF          TOYB5 BZ    27114628.6     -8215580.95
TEC TOY SA-PF B          TOYB6 BZ    27114628.6     -8215580.95
TECTOY                  TOYB13 BZ    27114628.6     -8215580.95
TECTOY-RCPT PF B        TOYB12 BZ    27114628.6     -8215580.95
TEKA                     TEKA3 BZ     313948165      -395261073
TEKA                    TEKAON BZ     313948165      -395261073
TEKA-PREF                TEKA4 BZ     313948165      -395261073
TEKA-PREF               TEKAPN BZ     313948165      -395261073
TEKA-ADR                 TKTPY US     313948165      -395261073
TEKA-ADR                 TKTQY US     313948165      -395261073
F GUIMARAES              FGUI3 BZ    11016542.2      -151840378
FERREIRA GUIMARA        FGUION BZ    11016542.2      -151840378
F GUIMARAES-PREF         FGUI4 BZ    11016542.2      -151840378
FERREIRA GUIM-PR        FGUIPN BZ    11016542.2      -151840378
VARIG SA                 VAGV3 BZ     966298048     -4695211008
VARIG SA                VARGON BZ     966298048     -4695211008
VARIG SA-PREF            VAGV4 BZ     966298048     -4695211008
VARIG SA-PREF           VARGPN BZ     966298048     -4695211008
WIEST                    WISA3 BZ    34107195.1      -126993682
WIEST SA                WISAON BZ    34107195.1      -126993682
WIEST-PREF               WISA4 BZ    34107195.1      -126993682
WIEST SA-PREF           WISAPN BZ    34107195.1      -126993682
ELEC ARG SA-PREF         EASA6 AR     948261051      -148983927
ELEC ARGENT-ADR           EASA LX     948261051      -148983927
ELEC DE ARGE-ADR         1262Q US     948261051      -148983927
LOJAS ARAPUA             LOAR3 BZ    37959788.7     -3613691912
LOJAS ARAPUA            LOARON BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF         LOAR4 BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        LOARPN BZ    37959788.7     -3613691912
LOJAS ARAPUA-PRF        52353Z US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         3429T US    37959788.7     -3613691912
LOJAS ARAPUA-GDR         LJPSF US    37959788.7     -3613691912
BATTISTELLA              BTTL3 BZ     120474772     -21271905.1
BATTISTELLA-PREF         BTTL4 BZ     120474772     -21271905.1
HOPI HARI SA             PQTM3 BZ     129077627     -2031408.69
HOPI HARI-PREF           PQTM4 BZ     129077627     -2031408.69
PARQUE TEM-DV CM          PQT5 BZ     129077627     -2031408.69
PARQUE TEM-DV PF          PQT6 BZ     129077627     -2031408.69
PARQUE TEM-RT CM         PQTM1 BZ     129077627     -2031408.69
PARQUE TEM-RT PF         PQTM2 BZ     129077627     -2031408.69
PARQUE TEM-RCT C         PQTM9 BZ     129077627     -2031408.69
PARQUE TEM-RCT P        PQTM10 BZ     129077627     -2031408.69
INVERS ELEC BUEN          IEBA AR     239575758     -28902145.8
NEWTEL PARTICIPA        NEWT3B BZ    10517157.2     -10542831.7
NEWTEL PARTICIPA        1NEWON BZ    10517157.2     -10542831.7
MMX MINERACAO            MMXM3 BZ    1223308090      -312940530
TRESSEM PART SA         1TSSON BZ    1223308090      -312940530
CIA PETROLIFERA         MRLM3B BZ     377592596      -3014215.1
CIA PETROLIF-PRF        MRLM4B BZ     377592596      -3014215.1
CIA PETROLIFERA         1CPMON BZ     377592596      -3014215.1
CIA PETROLIF-PRF        1CPMPN BZ     377592596      -3014215.1
PUYEHUE                  PUYEH CI      17878064     -7344408.97
IMPSAT FIBER NET         IMPTQ US     535007008       -17164978
IMPSAT FIBER NET       330902Q GR     535007008       -17164978
IMPSAT FIBER NET         XIMPT SM     535007008       -17164978
IMPSAT FIBER-CED          IMPT AR     535007008       -17164978
IMPSAT FIBER-C/E         IMPTC AR     535007008       -17164978
IMPSAT FIBER-$US         IMPTD AR     535007008       -17164978
IMPSAT FIBER-BLK         IMPTB AR     535007008       -17164978
VARIG PART EM TR         VPTA3 BZ    49432119.3      -399290357
VARIG PART EM-PR         VPTA4 BZ    49432119.3      -399290357
VARIG PART EM SE         VPSC3 BZ      83017828      -495721697
VARIG PART EM-PR         VPSC4 BZ      83017828      -495721697


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at

                   * * * End of Transmission * * *